Tepper, Icahn Top Earners In '12

Feb 26 2013 | 2:57pm ET

Five hedge fund managers earned at least $1 billion last year, according to Forbes magazine's annual list of the top 40 highest-earning managers.

Appaloosa Management's David Tepper topped the list for 2012, earning an impressive $2.2 billion. Carl Icahn wasn't far behind at $1.9 billion, followed by SAC Capital Advisors' Steven Cohen and Renaissance Technologies founder James Simons, who each took home $1.3 billion. Simons' fellow retiree, George Soros, came in fifth, earning $1.1 billion in 2012.

Tepper failed to even make last year's list, which was led by Bridgewater Associates' Ray Dalio with $3 billion. Simons, Icahn and Cohen were all in the top five in 2011, as well, with earnings of $2.1 billion, $2 billion and $600 million, respectively.

The top 10 was rounded out by Citadel Investment Group's Kenneth Griffin ($900 million), Dalio ($800 million), D.E. Shaw Group's David Shaw ($625 million), Omega Advisors' Leon Cooperman ($470 million) and Third Point's Daniel Loeb ($425 million).

To come up with its list, Forbes takes into account a hedge fund manager's returns, ownership and stake in his or her own funds. The numbers are pre-tax.

Forbes' Highest-Paid Hedge Fund Managers 2012

rank manager firm 2011 earnings
1 David Tepper Appaloosa Management $2.2 billion
2 Carl Icahn Icahn Associates $1.9 billion
3 Steven Cohen SAC Capital Advisors $1.3 billion
3 James Simons Renaissance Technologies $1.3 billion
5 George Soros Soros Fund Management $1.1 billion
6 Kenneth Griffin Citadel Investment Group $900 million
7 Ray Dalio Bridgewater Associates $800 million
8 David Shaw D.E. Shaw Group $625 million
9 Leon Cooperman Omega Advisors $470 million
10 Daniel Loeb Third Point $425 million
11 Michael Hintze CQS $350 million
11 Stephen Mandel Lone Pine Capital $350 million
13 Chase Coleman Tiger Global Management $325 million
13 Andreas Halvorsen Viking Global Investors $325 million
15 William Ackman Pershing Square Capital Management $300 million
15 Paul Tudor Jones Tudor Investment Corp. $300 million
17 John Paulson Paulson & Co. $275 million
18 Philip Falcone Harbinger Capital Management $250 million
19 Israel Englander Millennium Management $225 million
19 Michael Platt BlueCrest Capital Management $225 million
21 James Dinan York Capital Management $200 million
21 Alan Howard Brevan Howard Asset Management $200 million
21 Daniel Och Och-Ziff Capital Management $200 million
21 Paul Singer Elliott Management $200 million
25 Glenn Dubin Highbridge Capital Management $150 million
25 David Einhorn Greenlight Capital $150 million
25 Joshua Friedman Canyon Capital Advisors $150 million
25 Mitchell Julis Canyon Capital Advisors $150 million
29 Barry Rosenstein Jana Partners $140 million
30 John Arnold Centaurus Advisors $125 million
30 Seth Klarman Baupost Group $125 million
30 Marc Lasry Avenue Capital Ground $125 million
30 Deepak Narula Metacapital Management $125 million
34 Ottavio Biondi King Street Capital Management $100 million
34 Richard Chilton Chilton Investment Co. $100 million
34 Robert Citrone Discovery Capital Management $100 million
34 Brian Higgins King Street Capital Management $100 million
34 Thomas Steyer Farallon Capital Management $100 million
39 Peter Brown Renaissance Technologies $90 million
39 Robert Mercer Renaissance Technologies $90 million

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Editor's Note